HFF closes sale of value-add neighborhood shopping center in Orange, CA

  

Rendering of Rusty Leaf Plaza, Orange, CA

NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced Paragon Commercial Group LLC has acquired Rusty Leaf Plaza, a 60,294-square-foot neighborhood shopping center in the Orange County community of Orange, California. 

HFF sold the property on behalf of the seller, Rusty Leaf Plaza LLC. 

CJ Osbrink

Formerly anchored by Ralphs supermarket, Rusty Leaf Plaza will be repositioned in the coming months to include a new “flexible format” Target store as the new anchor as well as a mix of national and regional shop tenants. 

The new Target store is the 10th “flexible format” store in the greater Los Angeles area and features the same assortment of merchandise and groceries as a normal Target but in a much smaller format.

The 41,700-square-foot location in Orange is slated to open in October 2017.  Rusty Leaf Plaza is situated on 4.67 acres at 2512-2620 East Chapman Avenue one block from where East Chapman Avenue intersects with the 55 Freeway.

 The center has tremendous access and visibility by more than 240,000 vehicles per day from its position off the 55 Freeway and from its Chapman Avenue exposure to more than 53,000 vehicles per day. 

The HFF retail investment sales team representing the seller and buyer was led by CJ Osbrink.

“This is an excellent piece of real estate in an outstanding retail trade area that has been underutilized since Ralphs closed,” said Jim Dillavou, principal at Paragon.  “We are pleased to be repositioning this neighborhood amenity with a preeminent tenant such as Target so the community and the city can once again enjoy the daily conveniences that this this neighborhood center will provide.” 

“We are excited to have represented the seller and buyer in the sale of Rusty Leaf Plaza,” Osbrink said. “The immediate value-add repositioning opportunity of Rusty Leaf Plaza will greatly benefit the area and will, without a doubt, prove to be a tremendous success for new ownership and the tenants at the center.”

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

For a comple copy of the company’s news release, please contact:

Kristen Murphy

Director, Marketing